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Archive for November, 2009
Clear Lake Homes Meadowgreen Neighborhood Remains Stable
The Clear Lake Homes market may be down 12% this year, however the
the Meadowgreen neighborhood has held steady with 34 closed homes
through October 31st, 2009. Strangely enough, there were exactly
34 homes sold during that same time frame last year.
Meadowgreen house prices remain relatively stable with an average
sales price this year of $148,657. This compares to $149,297 last
year. The average days on the market is just under 2 months compared
to 64 days in 2008. No big change there.
The number of foreclosures in the area is unchanged as well. 2 of the
34 homes sold in Meadowgreen this year were foreclosures. Same for last
year. Clear Lake as a whole in the last 12 months has had fewer than
3% foreclosures.
Homes in Meadowgreen did sell closer to their listed price last year
at a 98.6% list to sales price ratio while the figure this year is
97%.
Currently there are 11 homes for sale in Meadowgreen; 2 of those are
under contract. That lines up well with the Clear Lake homes market
now as approximately 20% of the homes for sale here are under contract.
Meadowgreen homeowners may want to take advantage of the $6,500 tax
credit available to families who elect to buy another home. Homeowners
must have owned their home for 5 years or more to qualify.
If you own a home in Meadowgreen and are curious what your home may
be worth, you can request our free Meadowgreen house prices report.
Meantime feel free to search ALL Clear Lake homes for sale .
Clear Lake Homes – Camino South Sells Quick This Year
Camino South has been a hot item this year. These Clear Lake homes don’t stay on the shelves long. 33 homes have sold this year but the amazing thing is the number of days on the market. Would you believe 16 days?! It’s no wonder with average sales prices of $123,224. The average home in Clear Lake
sells for a little less than $220,000.
This community might be the perfect place to take advantage of the $8,000 homebuyers tax credit.
Last year during this same time, there were 41 homes sold with an average
sales price of $120,750. Again as typical for the area this year, this
represents a modest gain of a little more than 2%. Homes in Camino South
have also sold for closer to list price at an average of 98.3% as opposed to
last years 97%. That makes perfect sense with the shorter number of days
on the market.
Camino South home sellers paid buyers closings costs on 16 of those 33 sales.
Last year, buyers closing costs were paid on 21 sales. Again, almost exactly
one half of the buyers there had their closing costs paid by the seller. This
is quite often done in cases where homebuyers have the credit to qualify for
a home purchase but lack the necessary funds to close on a home.
Inventory in the Camino South neighborhood is quite low with a total of 9 homes
on the market- 3 of which are pending or under contract.
Search ALL Clear Lake homes.
Clear Lake Homes With an Eye on Bay Pointe
While the overall Clear Lake Homes market has been off by about 12% this year,
the Bay Pointe subdivision has gone against the grain with an increase in
home sales; 24 through October 31st. That beats last year of 19.
By the way to clarify, when I say Clear Lake homes are off this year, I mean
that the numbers are off, not the prices. Prices remain stable- not up, not
down- relatively flat.
The average home sold in Bay Pointe this year was $188,933 compared to $185,413
last year; up just about 2% Contrast that to some parts of the
country and we’ll take it all day long! The number of days on the market
is higher at 50. Last year Bay Pointe homes were on for about
35 days. In 2008, they did sell a little closer to list price with a “list to
sale” ratio of 97.8%. This year the list to sale ratio is 97.2%.
Currently about 20% of the active homes for sale in Clear Lake are under
contract. Bay Pointe is right in line with 2 of the 10 homes currently for
sale having contracts.
It will be interesting to see what the market does with the tax credit
being extended for first time homebuyers. Even more so with the addition of
the $6,500 tax credit for those families who already own and are buying again.
If you own a home in Bay Pointe and are curious what your home may be worth,
you can request our free Bay Pointe house prices report.
Meantime feel free to search ALL Clear Lake homes for sale.
5 Tips to a Smooth Home Buying Experience
1) Understand the local market. Ever heard the expression “don’t believe everything you hear”? The media’s not always right. The key to remember is all real estate is local. Be careful what you take away from aunt Mary who bought her home 30 years ago. Believe me, I know they mean well. Or what about your friend who says they bought a foreclosure for $20,000 less than the asking price? Small detail but they left out the part about having to replace the entire heating and air system and install a new roof. Educate yourself!
2) Who represents who? Okay, it’s not grammatically correct (my apologies to you English majors) but I have found that most people don’t really understand who a real estate agent represents. They search for homes online, then call the listing agent to show them the property. Guess what? The sellers agent has a duty to the seller to represent them and to get the most money possible for the sale of that home. It’s not wrong, it’s just the way it is.
3) How do Realtors get Paid? In our area, the seller (almost) always pays the buyers agent (unless the property is listed for sale by owner, and no compensation is offered). Again, it’s important to understand where the money goes and how your agent is paid. Be clear on this upfront.
4) Understand the process. Find an agent who can talk in human terms. Agents often assume that today’s homebuyers know what we’re talking about when we talk about “comps” for example. Huh? That’s short for “comparable sales” and usually used when we are talking about what other homes like the one you are (or may be) interested in have sold for. Spend time getting educated on the process before you actually attempt to buy a home. I promise you, this one tip will save you time, money and headaches.
5) Understand the Purpose of a Home Inspection. A home inspection is usually built in as a part of the real estate contract. You’re excited about your new purchase. It’s understandable. A home inspector represents a neutral set of eyes and can save you money. Most importantly, you’ll know what you’re getting into. Every home is going to have issues. Are they issues you can live with? The real importance of a home inspection is to find out what’s really a problem and what’s not. Most contracts have an “option period” built in so that you can opt out of the contract if the inspections reveal major problems. Sometimes, the seller may work with you to resolve problems.
Purchasing a home is a big investment. Do your homework.
Search Clear Lake homes for sale
Clear Lake Homes – Bay Glen Numbers Off Year to Date
Search Clear Lake Homes For Sale
Bay Glen- If you own a home in Bay Glen and are selling it, the news is good. It’s a little tougher for buyers right now however as inventories are somewhat off. As of October 31st, there have been 53 sales this year while last year this time, there were 66 last year; even with our friend “Ike.”
Prices are holding their own at an average of $82.42 this year and $81.81 last so a modest increase of a little less than one percent. Homes are spending almost 20% less time on the market with the average number of days to sell a home in Bay Glen of 45 days as compared to 54 last year at this same time.
Seven of the nineteen homes currently on the market in the Bay Glen subdivision are under contract. This is a very good number; especially for this time of year. Keep in mind it’s not unusual for Bay Glen to have 35-40 homes to choose from- not so this year.
You’ll be pleased to note that only 3 sales this year in Bay Glen were foreclosures. Two have closed, and the one at 14515 Circlewood Way is under contract scheduled to close this month.
Contrary to popular belief, less than 5% of the homes for sale in the Clear Lake area are foreclosures. That number is higher in most of Houston.
The bill for the $8,000 tax credit extension is waiting for President Obama’s signature. This would allow first time homebuyers (as well as those who have not owned a home in 3 yrears) to receive a tax credit of $8,000. In addition the bill would allow current homeowners who’ve owned their home for 5 or more years to qualify for a $6,500 tax credit. We’ll see how it shakes out.
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$8,000 Tax Credit Extended – For Real This Time
The House of Representatives today joined the Senate in approving legislation that would expand and extend into next spring an $8000 tax credit for first-time homebuyers. President Obama should sign off in the next day or so.
The House passed the measure on a 403-12 vote. Yesterday, the Senate approved the homebuyer tax credit extension by a vote of 98-0.
Interestingly the income limits were increased from $75,000 for individuals to $125,000 and from $150,000 to $225,000 for couples. Read more .
Friendswood – A Great Place to Live by CNN’s Money Magazine
Once again, Friendswood was voted as one of the top 100 places to live in CNN’s Money magazine this month. I enjoy the community because of it’s small town feel. Yet, I can get to downtown Houston and Galveston in 30-40 minutes. Ok, not yesterday. My wife and I went to Galveston not realizing there was a big motorcycle rally and the group Lynyrd Skynyrd was appearing at Moody Gardens. Unfortunately we got caught behind a major accident that slowed our trip. The weather however was incredible.
Read the whole Friendswood article.
